, China

China bets the bank on Thailand

In a stunning move that will have regional banks in Asia wondering when the Chinese will come for them, ICBC has just agreed to fork out $545 million to Bangkok Bank for its 20 percent stake in ACL.

Industrial and Commercial Bank of China said it would buy a stake in Thai's ACL Bank from Bangkok Bank and intends to make an offer for all ACL shares for about $545 million to tap the fast-growing Thai economy and bilateral trade, according to a report in Forbes.

ICBC, the world's largest bank by market value, said it had agreed to buy a 19.26 percent stake in ACL Bank from Bangkok Bank for 3.52 billion baht ($104.8 million).

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!